- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Do not add assets into your tax return if they are not being used for rental activity in 2021. Instead pull a copy of the depreciation worksheet or Form 4562 (since it was the first year) from your 2020 tax return and keep it with your current tax documents. Carry that document forward with your tax papers until you start to rent it again or sell the property.
It is used for personal purposes in 2021 so even adding it would create the need to remove it from service because of converting to personal use. Again it would be removed from your tax return. It is a paperwork record keeping action. If you choose you can create an excel file and keep it on hand that way.
@Tekpro007
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
**Mark the post that answers your question by clicking on "Mark as Best Answer"
‎April 12, 2022
11:52 AM